By Ruth Momodu
President Bola Ahmed Tinubu on Tuesday called for urgent reforms to the global financial system to support Africa’s industrialisation and economic growth, saying the current structure places African economies at a disadvantage.
Speaking at the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, the Nigerian leader said Africa continues to face limited access to affordable capital, high borrowing costs and financial systems that undermine industrial development.
The summit, co-hosted by Emmanuel Macron and William Ruto, brought together leaders and senior officials from more than 30 countries across Africa and beyond.
Other global leaders at the event included António Guterres and Mahamoud Ali Youssouf.
Tinubu said Africa’s economies remain trapped in a cycle of exporting raw materials while importing finished products at higher costs, blaming what he described as an unfair international financial architecture.
According to him, African countries are being denied the long-term and affordable financing needed to industrialise and compete globally.
He noted that despite Nigeria’s economic reforms, including fuel subsidy removal, exchange rate unification, banking sector recapitalisation and improved fiscal management, the country still faces heavy debt servicing obligations that limit industrial investments.
The President said Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, warning that high borrowing costs continue to deprive sectors such as manufacturing, agriculture, steel production and technology of much-needed funding.
Tinubu maintained that Nigeria was not seeking charity but demanding fair access to global financing that would enable African countries to refine their resources, build industries and compete effectively in international markets.
The President also highlighted Nigeria’s commitment to developing Africa’s blue economy, stressing the need for stronger regional cooperation to secure maritime routes and attract investment.
He announced that Nigeria would make its Deep Blue Project maritime intelligence infrastructure available as a shared regional data hub for countries in the Gulf of Guinea to strengthen maritime security and enforcement.
According to him, improved ocean governance and secure sea lanes are critical to unlocking investments and transforming Africa’s maritime economy.
On migration, Tinubu urged global partners to address the root causes of irregular migration through investment in infrastructure, job creation, climate adaptation, digital skills and economic opportunities for young people across Africa.
He said Nigeria had integrated migration management into its economic reform agenda and called on development partners to dedicate more support toward programmes capable of reducing poverty and unemployment.
The President further advocated stronger global cooperation on migration governance, while reaffirming Nigeria’s support for the African Union Migration Policy Framework and the Khartoum Process.
On the sidelines of the summit, Tinubu held bilateral talks with Madagascar’s President, Michael Randrianirina, and also met with Patrice Motsepe, where he expressed Nigeria’s readiness to host the 2026 CAF Awards.
The Nigerian delegation to the summit included several ministers and top business leaders such as Aliko Dangote, Abdul Samad Rabiu, Tony Elumelu and Aigboje Aig-Imoukhuede.
Discussions at the summit focused on industrialisation, trade, digital innovation, artificial intelligence, agriculture, healthcare, climate change and implementation of the African Continental Free Trade Area aimed at accelerating Africa’s economic transformation.
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